Canada's GreenPower Q3 revenue rises 18% on positive customer-order strategy
Overview
Electric vehicle maker's Q3 revenue rose to $8.5 mln, up from $7.2 mln last year
Company reported net income of $4.2 mln for Q3
Company highlighted transition to production strategy based on customer orders
Outlook
Company continues deployment of electric school buses in New Mexico pilot project
GreenPower transitions to building EVs based on customer orders
Company faces challenges with charging infrastructure and extreme weather conditions
Result Drivers
CUSTOMER-ORDER STRATEGY - Transition from building EVs on spec to customer orders drove results, per CEO Fraser Atkinson
SCHOOL BUS PROJECT - Deployment of all-electric school buses in New Mexico contributed to Q3 results, per President Brendan Riley
FINANCIAL RESTRUCTURING - Recapitalization through convertible preferred shares and term loans supported operations
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue |
| $8.50 mln |
|
Press Release: ID:nPn1NwqxSa
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